Over the past few days market action is starting to look mildly constructive; It is encouraging enough to suggest that we dip our toes back into the market.
We are entering to buy of a 25% position at the current price (284 at time of writing) with a further 25% bid below the market at 271. Protective stops should be placed below the 250 level. I would recommend a very disciplined use of Stops at the moment as a further slide can’t be ruled out.
We will build on this position if the market starts to trade higher.
First Global Credit